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Cyclos: New Solana-Based DeFi Project Raises $2.1M

New Solana-Based DeFi Project Raises
  • Cyclos raised a total of $2.1 million combined from a private and a public round.
  • This new DeFi project is the first concentrated liquidity market maker on Solana.

On Friday, the new Solana-based DeFi project — Cyclos, raised a total of $2.1 million combined from a private and a public round. According to Cyclos, the funding will be used to create the first concentrated liquidity AMM on Solana. Additionally, the funds will enable blockchain’s ecosystem to offer more features that are never seen before.

To highlight, the private funding round included notable investors such as CMS Holdings, Hashkey, Solana Capital, Huobi Ventures, Coin98 Ventures, MXC, Gate.io, Skyvision Capital, Petrock Capital, Illusionist Group, Cryptomeria Capital, DigiStrats, and Youbi Capital.

Of note, Cyclos is the first concentrated liquidity market maker on Solana. In order to maximize yield-earning potential, Cyclos allows liquidity providers to place individualized price curves on Serum’s order books directly.

Jason O’Brien, Cyclos’ Spokesperson shared his excitement about this new journey saying,

We’re excited to fully begin the Cyclos journey with the strong backing we received. Cyclos introduces a myriad of functionalities to DeFi on Solana that, until now, were not possible with existing infrastructure. Range-limit orders, capital-efficient liquidity pool bootstrapping and order book-based stable asset market making are all possible due to Cyclos’ innovative approach to concentrating liquidity providers’ assets.

Accordingly, funds committed to Cyclos are used to provide liquidity on Serum DEX based to the ranges specified by the LPs. By using Serum, the LPs are not required to bootstrap volume and liquidity for the AMM pools, reducing the risk of permanent loss for new pairs as well as ensuring some income immediately.

Cyclos is particularly useful for stablecoin pairs, where it becomes possible to make markets without using algorithms. Lastly, it enables new features like range orders and stop loss/limit orders, the first for a Solana AMM.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.